Cardano (ADA) is doing something interesting in its price chart—it’s trying to break out of a triangle shape that we’ve been watching for a while. According to Crypto Capital Venture, this breakout could take ADA to around $0.80.
The analyst compared ADA to a roller coaster and said that right now, it’s at a point where it could either go up a steep hill or take a turn down. The roller coaster track has some important spots that could help or stop ADA’s journey.
One important spot is the 200-week moving average. Think of this like a big hill on a roller coaster. It might mean good things for its journey if ADA can go over this hill. But it’s a tricky part of the ride, and we must watch it. A successful breach of these levels could signal the beginning of a new bullish trend. Conversely, failure to break through may result in a retracement, possibly testing support around $0.60-0.61 cents.
Looking back in time, we see some patterns. ADA has done similar things before, like crossing lines on a graph. This happened around the time of the Bitcoin roller coaster event. It could mean a good ride ahead if ADA does something similar now.
But there’s a catch. ADA is in a zone that’s a bit like a danger sign on the roller coaster. It’s in a place where, in the past, it had to slow down before going up again. So, we’re watching to see if ADA can keep going up even though it’s in a tricky spot.
ADA is facing a challenge in the short term, like a steep part of the roller coaster. It’s trying to break through a tough area. If it succeeds, it might zoom up like other rides we’ve seen. But it might need to go down a bit if it fails before trying again. If ADA goes down, we’re looking at a target around $0.46-0.45. This would be like a part of the roller coaster where it slows down and prepares for what’s next.